Do you know what records you need to keep? Do you know how long to keep them? The Form 2290 Instructions talk a lot about it this year.
I have and will talk a lot about suspended vehicles and that’s because they can be really tricky. Whenever the IRS opens a window to help people save money on their taxes, you can be sure they probably slammed a door somewhere too! In this article, I just want to clarify a part of the Form 2290 Instructions that I had to read a few times before I understood.
If you have a US DOT number, then you probably already know it needs to be updated once every two years. This is called a biennial update.
But when exactly is your due date?? The FMCSA SAFER System tells you when you last renewed but doesn’t exactly post a “due date” anywhere! That’s because the due date is buried in the actual DOT number.
Do you have an IFTA license and sticker? Did you get your new credentials in the mail yet? If not, the grace period is quickly coming to an end.
There is a two months grace period to display your new sticker, and get the new license in the truck. That means you have until the end of February to get up to date.
This grace period is only good for people who have applied for the New Year and are up to date on last year. If you have not yet filed and paid for 3rd Quarter 2013 this grace period does not apply to you.
Last week we talked about how busy the New Year can be. There are permits to renew, licenses to get and every kind and color of sticker that needs to go on the truck door. This week we’re following up and talking briefly about the record keeping requirements.
The New Year means all kinds of new things. Often the New Year is busier for truckers than anybody else. There are all kinds of permits to renew. There are licenses to renew. There are taxes to file and pay. The list never ends…